The Manufacturers Association of Nigeria (MAN) has urged the Federal and state governments to direct savings from the fuel subsidy removal to productive sectors of the economy.
The association also tasked sub-national governments to leverage the Electricity Act to improve the power sector, and patronize made-in-Nigeria goods on all its purchases and contracts to help boost the again.
MAN further urged the Central Bank of Nigeria (CBN) to develop a sustainable framework to guide credit intervention to the manufacturing sector.
According to MAN, “The CBN should develop a sustainable framework to channel credit interventions into the manufacturing sector, outside the direct intervention. Additionally, it should mobilise commercial banks to intentionally provide long-term single-digit interest loans to the manufacturing sector to fast-track the actualization of a 1 trillion dollar economy.”
Speaking at the MAN Reporter of the Year award ceremony, MAN President, Otunba Francis Meshioye called upon the CBN to prioritize FX allocation to the real sector and strategically guide remittances into the non-oil sectors like the manufacturing industry.
Meshioye emphasized the for CBN to regulate number and ensure the proper structure of Bureau de Change operators (BDCs) operations in the country.
“Prioritize forex and credit allocation to the manufacturers and reduce the number of BDCs into large and well-established operators to curb their excesses and untoward operations through effective management and supervision,” Meshioye stressed.
